Tesla Stock Surges After Strong Model S Sales Report

Reuters with CNBC.com

Monday, 1 Apr 2013 | 4:07 PM ETReuters

SHARES

Source: Teslamotors.com

Tesla Motors S Model

Electric-car maker Tesla Motors said it expects to report a first-quarter profit on both a net and adjusted basis following stronger-than-expected sales of its Model S sedan, sending its shares up nearly 16 percent Monday.

Tesla stock closed Monday at $43.93, a gain of $6.04.

Model S sales exceeded 4,750 units in the quarter, higher than the 4,500 Tesla had forecast, the company said Monday.

Tesla said in January that it would be profitable in the first quarter when expenses related to noncash options and warrants were excluded.